Russia Introduces Legislation Regulating Foreign Crypto Wallets

Russia's government has submitted a package of bills to regulate crypto-related activities, including investment and trading. One of these bills requires residents to inform the Federal Tax Service about foreign crypto wallets within a month of opening or closing them.

The legislation also introduces restrictions on non-qualified investors buying cryptocurrencies, capping their purchases at 300,000 rubles per year. Commercial banks will be limited to investing up to 1% of their capital in cryptocurrency.

Existing crypto platforms have until July 2027 to apply for a license, while traditional financial institutions can provide services under their existing licenses. The regulatory framework establishes the concept of 'digital depositories,' which will play a key role in facilitating transactions involving regulated entities and clients.